27 Jan Hurdles of being rich
There are so many hurdles of being rich but after so much reading and talking with people and personal observation, I would like to summarize some common hurdles that most people face including myself. Purpose of this is we are aware of it and how we can learn to overcome them indirectly. I myself falls into 1 of these and currently learning & improving those different areas.
Hurdles of being rich 1: Keeping up with the joneses
I will start with the most obvious and everyone is aware of. We were taught from young not to compare as it will make our life miserable. Unfortunately, most of us do compare without us knowing. Especially in the digital era now, we need to want to have the latest gadget, upgrade our house & cars as our salary increase or even sending our kids to the “flashy” kindergarten in town as our neighbor is doing it. Most of our challenge is especially when our paycheck increases, we tend to upgrade our lifestyle too. I wouldn’t say its wrong but there are setback to it where the additional $$ has went to do something else instead of doing something more meaningful. And at the end of the month, we will give the same reason “I dont have enough money to save/invest”.
Hurdles of being rich 2: Our school education/childhood teaching.
This relates back to the rich dad poor dad teaching. I believe its not only the school education in Malaysia but rather around the world, school education tends to teach students to study hard, get a job and you will be good. No doubt have a job is the largest asset but there is definitely more to that. Having a high income does not solves your finance problem if you have poor planning. Even parents have been “brain-washing” us to study hard and become a doctor or lawyer so that we can be free financially. Our school education & teaching can bring us to a certain extend, but if we want to successful we need to expand further and grow to make good finance decision. In our life, there is lack of finance education unless you take your self initiative to improve this area or to find a coach to help you make those decision.
Hurdles of being rich 3: People around us or lack of role models
For most of us which are middle class, we are surrounded by people which is not rich. Our parents, our family members, our friends, teachers & tutors and all of them are not rich. Before I further discuss on this point, don’t misunderstand me for being selective in choosing people we mix with but my point is rather whose advice we are taking from. As grow up in such environment, most of the advice given and all remarks & given are people who are not rich and hence we could not expand further like what we wish to. So 1 option we have is like Robert Kiyosaki where he uses his friend’s dad as a role module instead. To me, most of my advise & decision I make is base on all the books I read and the you tube channel I have been watching to further increase my financing knowledge. I know now that having a role model and where I want to be is important and hence, I need to select what advice I get from and if my decision should be base on that.
Hurdles of being rich 4: Negativity about money/Our mindset
I have to confess this is me too and I will start with an example for you to evaluate yourself. You are by the road and suddenly a young guy driving a Ferrari zoom pass you. What is you first comment? His dad is wealthy? His parents car? He is showing off? How many of us will think that guy is very successful that he can accomplish this status at a young age (again lets talk talk about car being liability). What I’m trying to emphasize here is we always have negativity about money and being rich but yet we want to accomplish it. It’s like pressing the car escalate & break together. Having a negative mindset about being rich but yet want to become rich is a contradicting mindset. Also, a lot of times we use the word “We cannot afford it” instead of “How can we afford it”. This is “hard earn money” but “why must money always need to be hard earn”. Word’s and positive mindset is the 1st step we need to work on for us to complete this marathon strongly.